Find out these financial terms before the 2022-23 budget! – News18 Bangla

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#NewDelhi: The Union Budget 2022 for the financial year 2022-23 is being presented during the third wave of Corona Extreme. Finance Minister Nirmala Sitharaman will begin the budget session in Parliament on February 1. As always, new announcements, additions and amendments will be made in this year’s budget (Union Budget 2022). The finance minister will use various economic terms when presenting the budget, such as inflation, fiscal deficit or fiscal policy. It is important to have an idea of ​​these financial terms to fully understand the budget.

Some of the financial terms used in the budget session are discussed in detail below.

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Annual Financial Statement

Another name for the central budget is the Annual Financial Statement (AFS). The Government submits to Parliament through this statement the details of all income and expenditure accounts for each financial year.

Economic Survey

The Union Ministry of Finance presents an economic survey before the annual budget. This survey provides details of all income and expenditure accounts of the last financial year which sheds light on the current economic situation of the country.

Inflation

The English word for inflation is inflation. Inflation is a quantitative measure of the rise in prices of various goods and services in a country over a period of time. It is usually expressed in percentage.

Fiscal Policy

Fiscal policy provides details of estimated tax collection and expenditure for a financial year. Fiscal policy plays an important role in determining the economic situation of the country.

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Fiscal Deficit

When the amount spent in a financial year exceeds the income, it is called fiscal deficit. In developing countries like India, a fiscal deficit of up to 4% is considered ideal.

Customs Duty

Customs duty is a type of duty that is levied when importing / exporting a product abroad. Customers who use imported / exported products have to pay this duty. Since customs duty is kept separate from GST, the government can change the rate of this duty if it wants.

Goods and Services Tax or GST

All citizens of the country have to pay tax at a fixed rate for using any product or service. This system of Indian indirect tax is called GST. At present the government imposes GST at the rates of 5%, 12%, 18% and 28%.

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Tags: Nirmala Sitharaman, Union Budget 2022

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